Voted with the currently existing majority (bit bearish). Hmm.
Anyway, points in favor are that this move is extended, and that there's all kinds of potholes out there next week. I wouldn't look for more than 5% to the downside, though.

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we all know this rally is NOT sustainable. There are indicators ( no, not price based ) that will tell us when the markets will turn. The Big boys have started distributing, the collapse will come when they are done. Probably after 2008.

The current recovery is based on hope - hope being a good thing which can take the market a long way. Hope though is fragile and can be crushed during times of structural change.

I would say that there may be a "correction" against the joy induced from the knowledge that a Bernanke put exists. Then again, fed easing is by my reckoning bearish for stocks - not bullish as so many seem to think. Depends on your time horizon.

If it goes below prior lows then all bets are off. And since the dimensions of the financial iceberg that's been scaring the market isn't known the counterpart of hpe - fear - could take the market anywhere.